Chinese officials are evaluating an option involving Elon Musk acquiring TikTok US if the company fails to fend of a ban on the app, Bloomberg reports. According to people familiar with the matter, under the plan, Musk’s X would take control of TikTok US and run the businesses together. Beijing officials strongly prefer that TikTok remains under the ownership of parent ByteDance, the people say, and the company is contesting the impending ban with an appeal to the U.S. Supreme Court. Publicly traded companies in the social media space that compete with TikTok include Meta Platforms (META), Alphabet (GOOG) (GOOGL), Pinterest (PINS), Reddit (RDDT) and Snap (SNAP).
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